Pro IQRA News Updates.
Millions of workers face a wage cut as inflation affects household income, while unemployment remains unchanged.
New figures released today by the Office for National Statistics (ONS) show regular wages in real terms fell by 3.2%.
The UK’s unemployment rate remained at 3.7% – largely the same as in the previous three-month period, the Office for National Statistics reports.
It comes as the UK’s inflation rate fell to 10.1% in January – the third consecutive month it has fallen.
Prices are rising at a faster rate than wages, which means that people’s incomes are shrinking.
Growth in average gross pay (including bonuses) was 5.7%.
This comes as thousands of workers have gone on strike in recent months over wages.
Many are demanding higher increases to keep up with the skyrocketing prices of everyday items.